July 21, 2024
Nigeria Secures $2.25bn World Bank Loan At 1% Interest Rate
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Nigeria Secures $2.25bn World Bank Loan At 1% Interest Rate

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria has qualified for a World Bank loan of $2.25 billion.

Speaking during a press conference which was held at the annual meetings of the International Monetary Fund, IMF, and World Bank Group on April 2, he said the loan offers a 40-year term, a 10-year moratorium, and a one percent interest rate.

Mr. Edun also said the country has secured a similar budgetary support and low-interest funding from the African Development Bank, AfDB.

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The minister added that the country is looking to increase the tax-to-GDP ratio to 18 percent from about 10 percent in a few years.

He also added that the government is also looking to ramp up overall government revenue from about 12 percent to somewhere in the region of about 22 to 24 percent.

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